Research On The Impact Of Non-Financial Enterprise Finance On Resource Allocation Efficiency

In recent years,China's financial industry has developed rapidly,and financialization has been concerned by more and more scholars.Accompanied by the slowdown of our economic growth,we have entered a new normal of the economy,from the original stage of high speed growth to the stage of high-quality growth.How to effectively improve the quality of the economy has become the primary issue to promote stable economic growth.Manufacturing industry as the basis of our economy,it is very important to improve the quality of its growth.With the rapid development of China's financial industry,Jinrongshichang has continued to grow,manufacturing and other non-financial enterprises have also emerged financial behavior.The financialization of the economy is conducive to the accumulation of wealth and the improvement of economic vitality,but it has brought about positive effects on economic growth while also having a negative impact.The financialization of non-financial enterprises has made financial investment an important way for enterprises to make profits,which has affected the real investment of enterprises and hindered the healthy growth of the enterprise economy.It is of great significance to study the transmission mechanism that the financialization of manufacturing enterprises affects the allocation of resources.Based on the above reasons,this paper explores the relationship between financialization and resource allocation efficiency from the perspective of enterprise finance.Firstly,it summarizes and analyzes the definition of financialization and non-financial enterprise financialization,the measurement of enterprise financialization,and the domestic and foreign literature related to the relationship between enterprise financialization and resource allocation.Secondly,based on the previous research,this paper analyzes the influence of non-financial enterprise financialization on resource allocation efficiency from the following two ways: non-financial enterprise financialization has changed the investment intention of the enterprise,and thus has an impact on the capital allocation of the enterprise;The financialization of non-financial enterprises affects the size of enterprises and the mobility of the labor force,thus affecting the distribution of labor.Thirdly,based on the above theoretical analysis,this paper makes a statistical and descriptive analysis of the financialization level and resource allocation efficiency of China's non-financial enterprises,taking more than 1,300 manufacturing enterprises among A-share listed companies from 2007 to 2017 as the research object.The HK model is used to measure the level of resource misplacement,and the corresponding model is constructed to test the influence of non-financial enterprise financialization on the level of resource allocation efficiency.At the same time,the capital and labor allocation efficiency levels are measured separately,and the impact of non-financial enterprise financialization on capital allocation efficiency and labor allocation efficiency is tested separately.Based on theoretical and empirical analysis,this paper concludes that enterprise financialization has negative effects on the efficiency of manufacturing resource allocation;The financialization of enterprises leads to the decrease of the efficiency of capital allocation and labor allocation,and the overall efficiency of resource allocation.Finally,this paper puts forward some policy suggestions on how to improve the financial level of non-financial enterprises and improve the efficiency of manufacturing resources allocation.